Saudi Arabia is implementing a massive global investment plan to increase demand for its oil and gas in developing countries to keep these nations ‘hooked’ to its oil, British media has claimed following what it called an ‘undercover investigation.’

The so-called findings were reported by the Guardian which claimed that the oil demand sustainability program (ODSP) is overseen by Saudi Arabia’s Crown Prince Mohammed bin Salman and involves major organizations such as the Public Investment Fund, Aramco, Sabic, and the government’s ministries.

The ODSP aims to accelerate the development of supersonic air travel, mass-produced cheap combustion engine vehicles, and promote power ships that use polluting heavy fuel oil or gas to provide electricity to coastal communities.

The World Bank has emphasized the need for rich countries and companies to help developing countries transition to renewable energy and reduce carbon emissions by 2050.

Saudi Arabia is committed to the Paris Agreement’s climate goals, which require rapid reduction of fossil fuel emissions and the preservation of most oil and gas reserves. Climate policies, such as supporting electric cars, pose a significant threat to the oil-rich state’s revenues.

A significant issue at the UN’s COP28 climate summit is whether countries can deliver pledges to phase down or phase out fossil fuels.

The ODSP’s projects were exposed after undercover reporters posed as potential investors and met officials from the Saudi government. The strategy is to unlock demand in emerging markets by removing barriers to energy access through infrastructure investments.